Canada: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in Canada

The Canadian monocarboxylic acid market dropped to $X in 2022, with a decrease of -4% against the previous year. The market value increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Monocarboxylic Acid Production in Canada

In value terms, monocarboxylic acid production fell slightly to $X in 2022 estimated in export price. In general, production saw a perceptible downturn. The growth pace was the most rapid in 2015 when the production volume increased by 21%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Monocarboxylic Acid Exports

Exports from Canada

After four years of growth, overseas shipments of acrylic acid and its salts and other monocarboxylic acid decreased by -35.5% to X tons in 2022. In general, exports showed a precipitous decline. The most prominent rate of growth was recorded in 2021 when exports increased by 154%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, monocarboxylic acid exports contracted markedly to $X in 2022. Over the period under review, exports saw a sharp decline. The pace of growth appeared the most rapid in 2021 with an increase of 141%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for monocarboxylic acid exports from Canada, with a 68% share of total exports. Moreover, monocarboxylic acid exports to the United States exceeded the volume sent to the second major destination, China (X tons), eightfold. The third position in this ranking was held by Germany (X tons), with a 4.9% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled +5.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+59.2% per year) and Germany (+10.3% per year).

In value terms, the United States ($X) remains the key foreign market for acrylic acid and its salts and other monocarboxylic acid exports from Canada, comprising 89% of total exports. The second position in the ranking was held by China ($X), with a 4.1% share of total exports. It was followed by Hong Kong SAR, with a 1.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +8.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+63.4% per year) and Hong Kong SAR (+35.9% per year).

Export Prices by Country

In 2022, the average monocarboxylic acid export price amounted to $X per ton, with an increase of 14% against the previous year. In general, the export price saw a significant increase. The most prominent rate of growth was recorded in 2013 when the average export price increased by 193% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Norway (+57.2%), while the prices for the other major destinations experienced more modest paces of growth.

Monocarboxylic Acid Imports

Imports into Canada

In 2022, overseas purchases of acrylic acid and its salts and other monocarboxylic acid decreased by -10.5% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, total imports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -0.0% against 2018 indices. The growth pace was the most rapid in 2018 with an increase of 41% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then shrank in the following year.

In value terms, monocarboxylic acid imports contracted to $X in 2022. Over the period under review, imports, however, continue to indicate prominent growth. The pace of growth appeared the most rapid in 2021 with an increase of 54% against the previous year. As a result, imports reached the peak of $X, and then declined in the following year.

Imports by Country

The United States (X tons), China (X tons) and India (X tons) were the main suppliers of monocarboxylic acid imports to Canada, together comprising 92% of total imports. Switzerland, Germany and the UK lagged somewhat behind, together comprising a further 6.4%.

From 2012 to 2022, the biggest increases were recorded for Switzerland (with a CAGR of +69.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest monocarboxylic acid suppliers to Canada were the United States ($X), China ($X) and India ($X), together accounting for 92% of total imports. Germany, Switzerland and the UK lagged somewhat behind, together comprising a further 5.5%.

Among the main suppliers, Switzerland, with a CAGR of +72.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average monocarboxylic acid import price amounted to $X per ton, waning by -4.3% against the previous year. Over the period under review, import price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, monocarboxylic acid import price increased by +80.8% against 2018 indices. The pace of growth appeared the most rapid in 2019 when the average import price increased by 32% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2021, and then dropped modestly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+18.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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